Augmented Reality on a Blockchain: The New Frontier or What?

This company is developing a blockchain-enabled solution that would pay consumers to watch ads on their phones, AR-style.

In what sounds like a headline grabbing idea, we have a startup aiming to combine two of the “hot” technologies — blockchain and augmented reality (AR) — to deliver service consumers will “use in their daily lives.”

The name of that company is Scanetchain, and like the two mentioned technologies are not enough, its platform will also incorporate some social networking magic. Let’s take a look what this is all about…

Bridging offline and online worlds

Augmented reality was design to augment “regular” reality and so Scanetchain aims to beef it up with a new layer that would provide consumers with useful information about products and places around them.

Now, you may think there’s nothing new in that — and you’re right about that — but with blockchain in place, the company believes it can get more users on the platform while rewarding them for their efforts as they go around to scan and read about various products.

Scanetchain thinks AR is ripe for innovation, and wants a slice of that big pie which is predicted to be worth $120 billion globally by 2020. The company’s approach is to use regular smartphones — rather than dedicated devices — which it deems best suited for the occasion. Consumers already have them [smartphones] and they don’t have to buy new devices to be able to consume AR content.

Scanetchain will work with markers that can be assigned to products, brands and images both in the real world and online. From there, consumers will be able to digitally identify them by using the smartphone camera and be instantly redirected to the page the marker has been paired with.

Expansion of the ad space

Scanetchain writes that AR can trigger an “overwhelming expansion” of advertising space, creating an environment where practically any logo or product can become an interactive ad banner. Needless to say, the same applies to signs, posters, leaflets, magazines, shopping bags, business cards, menus, packages and more.

All being said, the company is touting its platform as the “world’s first online, interlocking 3D AR advertising system,” that will also (as we’ve mentioned before) be rewarding consumers with tokens every time they view an ad. Later on, that same cryptocurrency can be used for making purchases.

As part of the plan to reach more users, the company aims to help brick-and-mortar stores digitize the shopping experience with the help of AR. For instance, using the Scanetchain app, consumers will be able to learn more about products in the store, and even complete purchases on their phones, without battling long lines at the tills.

Scanetchain’s white paper claims that Scanetchain provides retailers and businesses with an opportunity to connect with the public which traditional forms of advertising — such as TV spots, radio jingles and physical billboards — cannot provide.

What’s more, advertisers are able to deliver a different kind of information to consumers — including videos, animations, messages, pictures, event details, manuals and so on.

Last but not the least, the platform could also help brands protect their trademarks and clamp down on the scourge of counterfeiting, as they would be able to notarize all of the distinctive attributes about their products on the blockchain.

The ICO is about to start

Scanetchain thinks it has what it takes to deliver the goods, and is preparing for the Initial Coin Offering (ICO).

Even before the public offering, the company organized a private sale which began on April 9 and has ended on May 13, with a presale beginning the next day and concluding on May 28. The main crowdsale runs from May 29 – June 7.

Scanetchain is being led by David Ham, the former head of Blockchain global business development at Samsung SDS — meaning it has the know-how to pull this off. The question is – are you willing to take part in this ICO?

DISCLAIMER: Opinions expressed here are author's alone, not those of any partner bank, credit card issuer, hotel, airline, or other partner. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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